The European Union finally approved the rescue package for Cyprus on Friday, but the country will need more money than predicted to set itself on solid financial footing.

Last month, the sunny island nation of less than one million was saved from bankruptcy after parliamentarians made a painful deal with European lenders to gain access to €10 billion ($13 billion) in emergency funds.

But now Cyprus must come up with about €13 billion ($17 billion) of its own money, instead of the €7 billion originally predicted.

Any increases needed, a Cypriot spokesperson said, will not come out of people’s bank accounts.

After meeting in Dublin on Friday, finance ministers from the eurozone countries said they will not contribute more than they first agreed.

The eurozone ministers on Friday officially approved the rescue plan agreed upon between Cyprus and the troika of lenders — the European Commission, the International Monetary Fund and the European Central Bank. Funds are expected to start flowing in mid-May.

While Cyprus is not seeking any more bailout assistance from the troika, it is hoping to access structural funds from the EU to help strengthen its economy.

Originally, when Cyprus was desperately looking for ways to raise money, it faced an EU suggestion to impose a levy on all bank accounts — a move that met with intense protest in the country.

In a televised news conference, Rehn also admitted Friday that it is hard to predict just how much pain the Cypriot economy will go through as it restructures its banking system. For decades, Cyprus’s banks served as an international tax haven for Russians, Europeans and Arabs.

But after the bank accounts of those with more than $131,000 in assets were raided to help pay for Cyprus’s financial woes — brought on by investing too much in Greek bonds — its reputation as a tax haven has been obliterated.

“There is plenty of uncertainty about the exact trajectory of economic growth in Cyprus,” said Rehn, who added it will depend on many things, including the effective implementation of the bailout program.

He added the EU predicts the economy of Cyprus to shrink from 10 to 15 per cent.

In a statement, the eurozone put its stamp of approval on the plan and thanked Cypriots for their efforts. “The Eurogroup commends the authorities for their demonstrated resolve in implementing these important measures in a tight time frame and reiterates its appreciation for the efforts made by the Cypriot citizens over the last weeks,” the statement said.

Also on Friday, EU officials also gave Ireland and Portugal seven years more to repay their debts.